Anyone remember the rating agencies?
In Iceland, the rating agencies and their uncritical look at the Icelandic banks isn’t likely to be forgotten soon. I have just blogged on the Icelandic experience, tied to other more recent examples, at the Left Foot Forward blog, see here.
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How can anyone forget the role of the Rating Agencies!
The rating agencies mis-represented the true position of the Banks.
The Banks then mis-sold financial products based on the false ratings, more often than not AAA, which fooled the potential client into thinking the Bank was solid and the product was safe and dependable.
Neither of them was dependable or safe and the consumer was ripped -off.
George Ward
27 Feb 13 at 3:03 pm
Moreover I believe the rating agencies owners have a political agenda a clue: No it is not Marxist Leninist
Goupil
2 Mar 13 at 3:44 pm